There’s about to be a whole lot of empty mall space across America. Macy's has announced plans to close 150 stores over the next three years, which will reduce its retail footprint to 350 stores by 2026.
It had previously closed a group of stores in 2022.
The stores getting the ax haven't been fully disclosed to the public, but the company has already shuttered five locations, including stores in Virginia, San Francisco, Hawaii, Tallahassee and Simi Valley Calif. The company is targeting underperforming stores, which according to reports, represent 25% of Macy's footprint but only 10% of its sales.
Macy’s move is half purge and half shift. The company thinks that the future is in luxury brands and small-format stores. Additionally, approximately 15 Bloomingdale’s nameplate stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels are anticipated to be opened in new and existing markets over the next three years.
“A Bold New Chapter serves as a strong call to action, said Tony Spring, Macy’s CEO. "It challenges the status quo to create a more modern Macy’s, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value.”
What is Bluemercury anyway?
For most consumers, the Bluemercury concept isn’t something they’ve seen since theres's not a great number of them or they're tucked inside of Macy’s stores in major markets.
They’re not really – not even faintly – like a “normal” Macy’s, either. Actually, they’re in the same bucket as Sephora, Ulta Beauty, Dermstore, Clinique, and Skinstore -- retailers that primarily focus on skincare and offer a range of brands.
Bluemercury lovers might think the chain is actually a step above its peers since it offers personalized consultations with beauty experts and spa services in some locations. A "beauty haven" of sorts.
Product-wise, it’s nothing like a Macy’s, either. Bluemercury focuses on luxury and prestige beauty brands, offering a curated selection of products not typically found at Macy's.
And make those expensive brands, too. For example, when ConsumerAffairs took a look at the company’s “best sellers,” many – like the AUGUSTINUS BADER creams – ran anywhere from $185 to $540.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-02-29 12:13:34
